Daily F.X. Analysis, November 1– Top Trade Setups In Forex - Get Ready for NFP! 

On Friday, the forex traders are anxiously waiting for the U.S. labor market data, which is due later in the day. The Unemployment rate for October came as 7.5% higher than forecasted 7.4% and weighed on single currency Euro. At 16:00 GMT, the Italian Prelim GDP also showed growth to 0.1% from the expectations of 0.0%.

The growth in CPI and GDP from Eurozone gave strength to Single Currency on Thursday but, Weak German Retail Sales and Increased Unemployment rate from zone put pressure on European Currency.

Economic Calendar - Get Ready for NFP

BTC/USD - Daily Analysis

The Bitcoin soared to trade higher to drop lower from high of $9,512 to sell at $9,170. The BTC/USD has fallen 2% on Tuesday, and after the beginning of the day, the BTC is consolidating within a short range of 9400 - 8985.

One of the reasons Bitcoin was conceived was to grant freedom from the banking system, which is clearly in trouble. Banks keep their clients to ransom when services are drawn. This is precisely what is passing now in China as residents hurry to withdraw their savings.

BTC/USD - Daily Technical Levels

Support     Resistance 

9,157.11        9,627.45

8,889.01      9,829.69

8,418.67     10,300.03

Key Trading Level: 9,359.35

BTC/USD – Daily Forecast

On Friday, the BTC/USD continues to hold below the 23 .6% Fibonacci support level of 9,345. The leading cryptocurrency pair is now likely to gain support above 38.2% Fibonacci support level of 8,985. The bearish breakout of 8,985 level can extend selling until 8,675 whereas, the bullish breakout can lead Bitcoin prices to 9650. Within 9400 - 8985, the pair is likely to trade choppy.

EUR/USD – 1.1100 Stays In Eyes

 TheEUR/USD was opened at 1.11516 and has placed a high of 1.11756 and low of 1.11314 until now. The pair is currently trading at 1.11471 and has shown a Bearish trend for the day.

At 12:00 GMT, The German Retail Sales for October dropped to 0.1% against the expectations of 0.3%. The French Prelim CPI for October also dropped to -0.1% from the expectations of 0.1% at 12:45 GMT.

The Spanish Flash GDP at 13:00 GMT remains flat as 0.4%. At 14:00 GMT, The Italian Monthly Unemployment Rate increased to 9.9% in October from 9.6% of September. The Consumer Price Index (CPI) Flash Estimate for Eurozone also remained the same 0.7%. But the Core CPI Flash estimate of zone increased to 1.1% from expectations of 1.0% at 15:00 GMT.

The Italian Prelim CPI for October increased to 0.0% from -0.6% of the previous month. The Flash GDP for Eurozone showed growth to 0.2% from the expectations of 0.1% and supported euro.

However, the Unemployment Rate for October came as 7.5% higher than forecasted 7.4% and weighed on single currency Euro. At 16:00 GMT, the Italian Prelim GDP also showed growth to 0.1% from the expectations of 0.0%.

The growth in CPI and GDP from Eurozone gave strength to Single Currency on Thursday but, Weak German Retail Sales and Increased Unemployment rate from zone put pressure on European Currency.

The weak German macroeconomic data dragged back the economy of Germany towards the edge of recession, and the rising jobless rate from Eurozone gave signals of the slowdown of the European Economy and weighed on Euro in Thursday trading session.

EUR/USD - Daily Technical Levels

Support Resistance 

1.1104      1.1178

1.1055      1.1203

1.0981     1.1277

Key Trading Level: 1.1129

EUR/USD – Daily Forecast

On the 4 hour chart, the EUR/USD is likely to test and form a double top level at 1.1175 area. Closing of candles below this is expected to keep the EUR/USD bearish below 1.1175 level. The EMA is left far behind around 1.1125, and this can offer bearish retracement of up to 38.2% (1.1135) today. Besides, the bullish breakout of this level will open further room for buying until 1.1230. The bullish sentiment seems stronger today.

GBP/USD - Sideways Range In-Play

The GBP/USD was opened at 1.28995 and has placed a high of 1.29755 and a low of 1.28975 until now. The pair is currently trading at 1.29463 and has shown a Bullish trend for the day.

At 5:01 GMT, the Gfk Consumer Confidence from the United Kingdom came in as -14 against the expectations of -13 for the month of October and weighed on Pound in the early session on Thursday.

On the back of weak U.S. Dollars on Thursday from the latest Rate Cut from Fed and weak macroeconomic data from the United States, GBP/USD continued to move in an upward direction that day. 

The USD was under pressure on Thursday amid the increased unemployment claims of 218K this week also because of decreased Chicago PMI as 43.2 against the expectations of 48.4. Personal Spending along with Core PCE Price Index fell for the month of October and weighed on U.S. dollars.

The increasing odds of the public Support to U.K. Prime Minister Boris Johnson on December Election are helping the upward trend of GBP/USD. The choice between Brexit and December Election has created uncertainties in the market and has led the pair GBP/USD near the 1.29 level.

It is also possible that the upward trend of GBP/USD was supported by the exit of Nigel Farage's Brexit Party from Polls, which would be beneficial for PM Johnson's party during the election. Besides, the 3rd rate cut by Federal Reserve on Wednesday also helped to give a boost in the upward direction of GBP/USD on the next day.

GBP/USD - Daily Technical Levels

Support Resistance 

1.2862      1.2926

1.2822      1.2949

1.2758      1.3013

Key Trading Level: 1.2885

GBP/USD – Daily Forecast

The GBP/USD continues to trade bullish, and on the hourly chart, it has violated the upward channel. The bullish trend line was extending its resistance around 1.2950, but that level has already been violated. The GBP/USD may find an immediate resistance at 1.2950 level, and above this, 1.3010 will be in focus. On the lower side, 1.2906 is likely to keep the GBP/USD supported today.

All the best for today.